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Tag Archives: bath
Over 7M Baby Shark, Mini Baby Shark bath toys recalled by Zuru due to risk of impalement to children – WDIV ClickOnDetroit
- Over 7M Baby Shark, Mini Baby Shark bath toys recalled by Zuru due to risk of impalement to children WDIV ClickOnDetroit
- Zuru Recalls 7.5 Million Baby Shark and Mini Baby Shark Bath Toys With Hard Plastic Top Fins Due to Risk of Impalement, Laceration and Puncture Injuries to Children Consumer Product Safety Commission
- Over 7 million Baby Shark water toys recalled for serious risks News 12 New Jersey
- 7.5 million baby shark toys recalled for risk of laceration, impalement WKRC TV Cincinnati
- Baby Shark toy recall: 7.5 million bath toys pose impalement risk to children USA TODAY
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Baby Shark toy recall: 7.5 million bath toys pose impalement risk to children – USA TODAY
- Baby Shark toy recall: 7.5 million bath toys pose impalement risk to children USA TODAY
- Zuru Recalls 7.5 Million Baby Shark and Mini Baby Shark Bath Toys With Hard Plastic Top Fins Due to Risk of Impalement, Laceration and Puncture Injuries to Children Consumer Product Safety Commission
- 7.5 million Baby Shark toys recalled by Zuru WJW FOX 8 News Cleveland
- Over 7M Baby Shark, Mini Baby Shark bath toys recalled by Zuru due to risk of impalement to children WDIV ClickOnDetroit
- Nearly 7.5 million Baby Shark bath toys recalled due to child injuries WWMT-TV
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Bed Bath & Beyond is filing for bankruptcy in DAYS following tumultuous few years – Daily Mail
- Bed Bath & Beyond is filing for bankruptcy in DAYS following tumultuous few years Daily Mail
- Bed Bath & Beyond Stock Is Tumbling: What’s Going On? – Bed Bath & Beyond (NASDAQ:BBBY) Benzinga
- Bed Bath & Beyond’s potential bankruptcy would create long-term growth for off-price retailer and Club holding TJX CNBC
- BBBY Stock: Will a Surprising Savior Bring Massive Gains Amid Bankruptcy? InvestorPlace
- Bed Bath & Beyond shares surge 35% with meme traders rallying behind the struggling big box store Daily Mail
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Beth Bath & Beyond stock sinks 11% after filing to sell shares, prelim sales results – Yahoo Finance
- Beth Bath & Beyond stock sinks 11% after filing to sell shares, prelim sales results Yahoo Finance
- Bed Bath & Beyond again warns of bankruptcy if new stock offering doesn’t pay off CNBC
- Bed Bath & Beyond stock sinks toward record low after $300 stock offering, which represents more than triple the retailer’s market value MarketWatch
- Bed Bath & Beyond plans to sell $300 million in stock, again warns of bankruptcy Yahoo Finance
- Bed Bath & Beyond to Sell Shares as Preliminary Sales Disappoint Bloomberg
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Exclusive: Bed Bath & Beyond preparing to file bankruptcy as soon as this week -sources
NEW YORK, Jan 30 (Reuters) – Bed Bath & Beyond Inc (BBBY.O) is preparing to seek bankruptcy protection as soon as this week, and has lined up liquidators to close additional stores unless a last-minute buyer emerges, four people familiar with the matter said on Monday.
The timing of any bankruptcy filing was in flux Monday evening, with the U.S. home goods retailer’s advisers locked in meetings exploring any remaining options to avoid it, another person familiar with the matter said.
Bed Bath & Beyond is negotiating a loan to help it navigate bankruptcy proceedings, with investment firm Sixth Street in talks to provide some funding, two of the people said. The firm loaned Bed Bath & Beyond $375 million last year.
The chain, once considered a category killer in home goods like dinnerware and small appliances, has lined up liquidators who are readying store closing sales that could be launched as soon as this weekend, two of the people said.
The people spoke on condition of anonymity because the talks are not public.
The chain has said it is closing 87 Bed Bath & Beyond stores and five buybuy BABY stores, in addition to 150 closures announced last year. It is also shutting its health and beauty discount chain Harmon.
The people cautioned that a last-minute buyer for the chain could emerge, or it could still ink a deal for its brands such as buybuy BABY. Prospective buyers sometimes wait until a company files for bankruptcy before agreeing to purchase assets, hoping to negotiate more favorable terms.
Bed Bath & Beyond said in a statement to Reuters that it continued to work with its advisers to consider “multiple paths” but declined to comment on any bankruptcy planning.
The company has previously said it was exploring a range of options to address plunging sales, including selling assets, raising financing and declaring bankruptcy.
Sixth Street declined to comment.
Bed Bath & Beyond said last week it defaulted on a loan, bringing it closer to bankruptcy. Sources have also told Reuters that Bed Bath & Beyond is considering skipping debt payments due on Feb. 1, a typical move that distressed companies take to conserve cash.
Retailers in distress often decide to file for bankruptcy protection after the holiday season to take advantage of the cash cushion provided by recent sales.
Toys R Us liquidated in March 2018 in one of the largest failures to date of a specialty retailer.
As of February 2022, Bed Bath & Beyond had 953 locations, including buybuy BABY.
Bed Bath & Beyond for years had been considered a go-to shopping destination for couples making wedding registries and planning for new babies, but it lost its footing when it tried to expand into store brands.
The retailer’s management has since reversed course and aimed to bring in national brands shoppers knew the chain for. But the strategy has not gained traction with shoppers.
Earlier this month, the company raised doubts about its ability to continue as a going concern and said it would cut jobs.
Bed Bath & Beyond reported a loss of about $393 million after sales plunged 33% for the quarter ending Nov. 26.
Reporting by Jessica DiNapoli and Mike Spector; Editing by Cynthia Osterman and Jamie Freed
Our Standards: The Thomson Reuters Trust Principles.
Bed Bath & Beyond, Verizon, Lululemon and more
A pedestrian walks by a Bed Bath and Beyond store in San Francisco, California.
Justin Sullivan | Getty Images
Check out the companies making headlines before the bell.
Verizon — Verizon shares slipped 1.51% after the company posted mixed results for the 2022 fourth quarter. While earnings met analyst predictions, forward earnings fell short of a Refinitiv consensus estimate. .
related investing news
Bed Bath & Beyond — The meme stock gained 5.78%, building on its dramatic start to the year, even as the retailer warns of a potential bankruptcy. Year to date, Bed Bath & Beyond shares are up 17.1%.
Lyft — The ride-sharing stock gained 3.4% following an upgrade from KeyBanc, which Lyft should feel positive impacts from cost-saving measures including layoffs and a stabilization in demand.
Johnson & Johnson — Shares of the drug maker ticked higher by less than 1% premarket after the company reported mixed quarterly financial results. Johnson & Johnson beat profit estimates by 10 cents per share, excluding items, according to Refinitiv. It also missed revenue estimates. Its full-year outlook for earnings was slightly higher than estimates while its revenue forecast was about in line with estimates.
Blackstone — Shares rose 1.3% after JPMorgan upgraded Blackstone to overweight from neutral, saying the investment management firm is a “best in class” business that’s set for a soft landing.
Lululemon — The athleisure retailer fell 2.07% after Bernstein downgraded the stock, warning that a reset is coming for the apparel stock and noting the company is facing an inflection point in its growth.
Lockheed Martin — Lockheed Martin shares gained 1.52% after the company posted latest quarterly results. The defense company’s revenue came in at $18.99 billion, topping a Refinitiv forecast of $18.27 billion. Lockheed’s earnings per share also topped expectations.
AMD — The chip stock fell more than 2% in premarket after Bernstein downgraded the chipmaker to market perform from outperform. The Wall Street firm said the downgrade is due to the sliding computer and new parts demand in the inflationary environment.
— CNBC’s Alex Harring, Yun Li, Tanaya Macheel and Sarah Min contributed reporting
Bed Bath & Beyond jumps 50% to lead ‘nonsense’ rally in meme stocks; AMC gains 15%
A “Store Closing” banner on a Bed Bath & Beyond store in Farmingdale, New York, on Friday, Jan. 6, 2023.
Johnny Milano | Bloomberg | Getty Images
A group of highly speculative stocks rallied double digits on Wednesday as retail investors pushed meme names up again in the new year following a dismal 2022.
Bed Bath & Beyond rallied a whopping 50% to trigger the trend in morning trading Wednesday. Shares of GameStop, the original star of 2021’s meme stock mania, climbed more than 10%. AMC Entertainment soared 18%.
Meme stocks rallying one more time
| Stock | Short interest % float | Wed. Gain | % off 52W high |
|---|---|---|---|
| Bed Bath & Beyond (BBBY) | 48.9% | 60% | -89% |
| AMC (AMC) | 21% | 15% | -78% |
| GameStop (GME) | 21% | 8% | -62% |
Source: FactSet
The rally in Bed Bath & Beyond was initially triggered by news that it would lay off more employees in an attempt to reduce costs and stay in business.
The home goods retailer told employees that it is eliminating the chief transformation officer role, which is held by Anu Gupta, on the same day it reported disappointing fiscal third-quarter results. Bed Bath & Beyond is approaching a potential bankruptcy, as its sales decline and losses grow.
“We don’t love the strength in nonsense stocks like AMC, CVNA, GME, BBBY, PRTY, etc.,” said Adam Crisafulli, founder of Vital Knowledge. “This just means people are blindly chasing.”
During early 2021, a band of retail traders joined forces on social media to bid up a slew of heavily shorted stocks, creating massive short squeezes that inflicted high pain on short sellers. These meme stocks experienced big pullbacks last year when risk sentiment shifted amid aggressive rate hikes. GameStop fell 50% in 2022, while AMC tumbled 75% and Bed Bath & Beyond plunged 82%.
While the short interest in these names has come down from its peak after the jaw-dropping episode, it still remains much higher than average.
About 48% of Bed Bath & Beyond’s float shares are sold short, compared with an average of 5% short interest in a typical U.S. stock, according to S3 Partners. For GameStop, the short interest stands at 21%, down from more than 100% at the height of the meme stock mania in 2021, according to FactSet. AMC has also 21% of shares sold short.
A short squeeze happens when a stock jumps sharply higher, it forces short sellers to buy back shares in order to limit their losses. The short covering tends to fuel the stock’s rally further.
If Bed Bath & Beyond goes out of business, here’s what may happen to its rivals
A Bed Bath & Bust scenario could bring some short-term financial pain to rival home furnishings retailers amid aggressive going-out-of-business clearance sales nationwide, one expert warned.
“In the short-term, the liquidation [would be] a little tough on J.C. Penney, Kohl’s, Target, Walmart, Wayfair and maybe Container Store — and to some extent maybe Macy’s — because somebody like [liquidator] Gordon Brothers will be running a really aggressive liquidation sale,” retail expert Jan Rogers Kniffen told Yahoo Finance.
The potential for Bed Bath & Beyond (BBBY) to go bust in 2023 is looking high.
Bed Bath & Beyond said Thursday that bankruptcy is on the table as it works to shore up its leaky balance sheet after a disastrous holiday shopping season.
“The Company continues to consider all strategic alternatives including restructuring or refinancing its debt, seeking additional debt or equity capital, reducing or delaying the Company’s business activities and strategic initiatives, or selling assets, other strategic transactions and/or other measures, including obtaining relief under the U.S. Bankruptcy Code,” Bed Bath & Beyond said in a statement.
“These measures may not be successful,” the company added, noting that there is “substantial doubt” about its ability to continue as a “going concern.”
For its fiscal third quarter ending November 26, 2022, sales dropped over 30%, to $1.259 billion from $1.878 billion in the same quarter last year. The company said those numbers reflected “lower customer traffic and reduced levels of inventory availability, among other factors.”
Bed Bath & Beyond expects to report a net loss of $385.8 million for the quarter.
Meanwhile, shares of the retailer crashed by nearly 30% in Thursday’s session and then another 22% on Friday, putting the stock at levels not seen since 1992.
Bankruptcy pros don’t rule out a filing from Bed Bath & Beyond happening this month.
“I think it’s inevitable that they file,” Macco CEO Drew McManigle said on Yahoo Finance Live. “I wouldn’t be surprised to see them file as early as this weekend. There’s no reason not to. I suspect they’ve been working on their debtor in possession financing.”
When asked about the bankruptcy question, Bed Bath & Beyond spokesperson Julie Strider told Yahoo Finance: “Since initiating Bed Bath & Beyond Inc.’s comprehensive turnaround plan at the start of the third quarter, which included financial actions to improve our balance sheet and cash flows, we have been working with strategic advisors to evaluate all paths to regain market share and enhance liquidity, our stated priorities. Such paths may include restructuring or refinancing our debt, seeking additional debt or equity capital, reducing or delaying the Company’s business activities and strategic initiatives, or selling assets, other strategic transactions and/or other measures. No determinations have been made as of this time.”
In any case, Kniffen ultimately believes Bed Bath & Beyond’s rivals will quickly rally back from any widespread going-out-of-business sales.
The reason for that, Kniffen explained, is because Bed Bath & Beyond has bordered on irrelevancy in the minds of shoppers for years due to merchandise execution issues.
“Six months later those same players will see some marginal market share gains,” Kniffen added. “But this company has been shedding market share for twenty years now. I don’t see how there are really any winners worth calling out. It just can’t move the needle for anyone. Some share will go online to Amazon, too, of course.”
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Bed Bath & Beyond preparing to file bankruptcy within weeks -sources
Jan 5 (Reuters) – Bed Bath & Beyond Inc (BBBY.O) is preparing to seek bankruptcy protection in coming weeks, people familiar with the matter said, following poor sales and an inability to compete with large online and big-box retailers.
The U.S. home goods retailer is considering skipping debt payments due Feb. 1, one of the sources said, a typical move distressed companies on the verge of bankruptcy take to conserve cash.
Shares of the retailer, once a category killer in products like small appliances and bed sheets, ended down 30% on Thursday at $1.69 after the company said it expected to report a significant third-quarter loss and that there was substantial doubt about its ability to continue as a going concern.
The company said it was exploring a range of options to address its plunging sales that included declaring bankruptcy. The retailer said it has not made any final decisions on which course to take.
Bed Bath & Beyond had no immediate comment on any bankruptcy preparations beyond its disclosure on Thursday.
The company has interest payments on roughly $1.5 billion of bonds due Feb. 1, according to securities filings. The company is considering skipping the payout to conserve cash, which would likely trigger a 30-day grace period before the company officially defaults, the people said.
Troubled retailers often seek bankruptcy protection following the holiday season to take advantage of the cash cushion provided by recent sales. Should the company seek bankruptcy protection, it would likely seek financing from existing creditors to help it navigate a court restructuring, one of the people said.
The retailer’s fortunes soured after it pursued a strategy focused on its own private label goods. Management has since reversed course to bring in national brands shoppers recognized.
But on Thursday, signs emerged that this strategy too has failed to take off with the company reporting that it expects to post a loss of $385.5 million after sales plunged 33% for the quarter ending Nov. 26, due to lower customer traffic and reduced levels of inventory availability among other factors.
The company is scheduled to report its full third quarter results on Tuesday.
“The turnaround plan put in place last year is not working. … Put bluntly, the business is moving at rapid speed in the wrong direction with bankruptcy the most likely destination,” GlobalData analyst Neil Saunders said.
Bed Bath & Beyond has enlisted turnaround and consulting firm AlixPartners LLP to help advise on options for addressing its financial woes, people familiar with the matter said.
In addition to AlixPartners, the company is being advised by restructuring lawyers at Kirkland & Ellis LLP and investment bankers at Lazard Ltd (LAZ.N), one of the people said.
AlixPartners and Lazard declined to comment. Kirkland did not immediately respond to a request for comment. In a statement to Reuters late on Thursday, Bed Bath & Beyond said it was “working with strategic advisors to evaluate all paths to regain market share and enhance liquidity” but could not comment further on specific relationships.
The company became a meme stock last year when its shares soared more than 400%. Activist investor Ryan Cohen, the chairman of GameStop Corp (GME.N), took a stake in Bed Bath & Beyond, which he later sold, sending shares crashing.
Bed Bath & Beyond in its prior financial update in the fall said it had liquidity of $850 million but had burned through $325 million in the second quarter.
The company had also been asking bondholders to swap out their holdings for new debt to give it more breathing room to turn around its business but canceled the deal on Thursday after not getting much interest from investors, according to filings made with the U.S. Securities and Exchange Commission.
Bed Bath & Beyond had earlier considered selling its valuable buybuy Baby stores that sell goods for infants and toddlers but held off in the hopes it could later fetch a higher price, Reuters reported.
buybuy Baby is the “crown jewel” asset of the company and would likely generate the most interest from buyers in case the parent company decides to sell it as part of its restructuring efforts, Michael Baker, senior research analyst at DA Davidson said, without providing a valuation on the business.
The value of the chain helped the retailer ink a $375 million loan last year, the maximum amount it could borrow.
Reporting by Aishwarya Venugopal in Bengaluru and Siddharth Cavale in New York ; Editing by Shounak Dasgupta, Subhranshu Sahu, Mark Porter and Anna Driver
Our Standards: The Thomson Reuters Trust Principles.